The stabilization measures yielded a notable improvement and the economy started moving progressively along the adjustment path during the first eight months of FY2020. The macroeconomic stability gained during the period however was challenged by the COVID-19 pandemic thus making the fiscal year toughest in the history of Pakistan’s economy. The effects of global lockdown penetrated into the domestic economy through a decline in Pakistan’s trade that adversely affected tax collection efforts. The Government’s stimulus package and cut in policy rate at the time of distress provided a stimulus to mitigate the adverse impact of COVID19. This year’s Economic Survey takes a closer look of the situation to enable readers to know how the economy was progressing and what impediments stood in its path. It provides a comprehensive analysis of Pakistan’s economic performance during the first nine to ten months of the outgoing fiscal year.